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MarketWatch MarketPulseJun 17, 2019
S&P places Pfizer ratings on CreditWatch negative after $11.4 billion Array deal
S&P Global Ratings placed Pfizer Inc.'s ratings on CreditWatch negative on Monday, after the drug company announced that it is acquiring Array BioPharma Inc. for about $11.4 billion in cash and debt. The move reflects the view "that the company is becoming more tolerant of adjusted net debt leverage slightly greater than 2.0 times," S&P said in a statement. The rating agency is expecting Pfizer's adjusted leverage for 2019 to rise to about 2.5 times because of the deal, up from 1.7 times in 2018, and above S&P's expectation for about 1.6 times in 2019. For now, it expects to lower the company's AA issuer rating by one notch, although it conceded that the deal does have benefits. "We view the transaction as beneficial to Pfizer's business position in the oncology market, as Array BioPharma already has two approved cancer drugs, several royalty generating agreements, a development pipeline with several products, and a highly productive research and development (R&D) engine," it said. Pfizer shares were flat in premarket trade, but have fallen 2% in 2019, while the S&P 500 has gained 15% and the Dow Jones Industrial Average , which counts Pfizer as a member, has gained 12%.

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Reuters Company NewsJun 17, 2019
US STOCKS SNAPSHOT-Wall St opens slightly higher; Fed meet eyed
U.S. stocks eked out gains at the open on Monday, as focus shifted to a pivotal Federal Reserve meeting that could lay the groundwork for an interest rate cut later this year.
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